The locally registered company Fraport Twin Star Airport Management, set up by Germany 's Fraport (60%) and Bulgaria 's BM Star (40%), officially took over the management of the Black Sea airports in Burgas and Varna Friday last week, following the 60-day period for enforcement of the 35-year concession contract signed with the government on Sep 12. The new management announced that 800 employees will pass English language courses and will receive bonus pays in case of successfully passed exams. Fraport Twin Star Airport Management vows to invest EUR 403mn for modernisation and expansion of the airports, including EUR 215mn for the airport in Burgas and EUR 188mn for the airport in Varna . According to the concession terms, the company will pay to the state budget a one-off fee of EUR 3mn and annual fees set at 19.2% of all airports' revenues but not less than the revenues of the airports in 2003 adjusted with the follow-up cumulative inflation. The modernisation of the airports is expected to create around 1,500 new jobs in construction of new terminals and runways, opening of shops and restaurants, and expanding the range of travel-related services.